Allianz acquires Aldi logistics in Australia

Allianz Real Estate and Charter Hall Group have struck a deal to jointly acquire a logistics portfolio of four Aldi distribution centres in Australia for A$648 million (US$449.2 million). Two of the assets are located in Sydney, with one in each Melbourne and Brisbane. They were designed and built by the German supermarket chain, Allianz Real Estate said in a statement. The acquisition is a 50-50 joint venture between Charter Hall Group and Allianz Real Estate, with the latter acting on behalf of several Allianz companies. The transaction is expected to be settled in June 2020. “This transaction is in line with our strategy of aligning our investments to secular mega trends in the Asia Pacific region,” said Rushabh Desai, chief executive for Asia Pacific at Allianz Real Estate. “Demand for logistics in Australia is underpinned by growth in e-commerce, increasing international trade and the resilience of non-discretionary retail spending. This will provide our investors an attractive distribution yield,” added Desai. Earlier this month, Allianz Real Estate purchased a portfolio of multi-family residential assets in Tokyo for US$122.8 million. It consists of a total of 11 new buildings containing 275 units, or 8,400 sq metres of rentable space. © 2020 funds global asia

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